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(AllHipHop News) Legendary Hip-Hop label Penalty Records will be re-launched under a new multi-year deal with Sony RED.

Penalty, which was founded in 1994, was originally home to artists like Noreaga and CNN, The Beatnuts, Crooked Lettaz (Kamikaze and David Banner), Lord Finesse and others.

Like the label’s original roster, CEO Neil Levine said that Penalty Entertainment is looking for producers, and musicians who have staying power.

“We’re focused on artist development, talented new producers and musicians who will be here many years down the road,” Penalty CEO Neil Levine told AllHipHop.com in a statement today (January 21). “We want the superstars of tomorrow, today.”

Levine crafted a deal with Sony RED that will allow him to operate Penalty Entertainment as independent label, with the backing, distribution and muscle of a major.

“I have a lot of respect for what RED has accomplished with their marketing divisions and I believe that Sony is the right partner on a global level,” Levine explained. “RED is a best in class company and I am really honored to be a part of that legacy.”

According to Sony RED CEO Bob Morelli, the new deal with Penalty Entertainment is part of a plan to discover the best Hip-Hop and rap music that Sony RED can distribute and market.

“Neil Levine’s Penalty 2.0 joins RED’s fast growing Rap and Hip-Hop label groups with a new roster that showcases the quality and consistency of the original,” Morelli stated. “There is no doubt about Penalty’s plans to recapture the original excitement and Neil’s ability to deliver it. RED’s continued mission to find the best in Rap and Hip-Hop has been fulfilled with the addition of Penalty Entertainment and we are excited to begin the next chapter from this storied label.”

According to Neil Levine, Penalty Entertainment, which helped launch the production careers of Swizz Beats and The Neptunes, is seeking producers, songwriters, rappers and musicians.

“We want to help develop them for successful careers that will produce generations of Hip-Hop fans,” Levine said about partnering with Sony RED.

“I want to be transparent and create real partnerships with my artists that foster growth as well as creating the new breed of executives,” Levine continued. “It’s all about respect, having fun and doing really good business together.”